Letter to cancel a credit account due to high-interest rate

GUIDELINES

Write a brief but polite letter informing about the cancellation of your account. Cancelling your account may hamper your future business dealing with the company. So be cautious about your words.

State the reason for cancellation of your account.

Mention an alternative plan to pay off the account.

Conclude with a polite note.

SAMPLE LETTER

[Senders Name] [Address line][State, ZIP Code]

[Letter Date]

[Recipients Name] [Address line][State, ZIP Code]

[Subject: Normally bold, summarizes the intention of the letter] -Optional-

Dear [Recipients Name],

About credit card #238881907, I would like to cancel our account. The interest rates have increased yearly, and it is ridiculous for us to continue paying an annual fee when we could just pay with cash.

Letter to cancel a credit account due to high-interest rate.

Further things to consider when writing cancellation letters to banks

Cancellation Letters

Cancellation letters are letters you write to a service provider, company or institution, informing them that you are dissatisfied with their product, service, or membership and that you wish to discontinue it. Cancellation letters can be written for several things such as canceling an insurance policy, a cable service, rental agreement, a magazine subscription, a bank account, order, credit, etc. The reason why people issue cancellation letters is mainly due to unsatisfactory or poor performance, not meeting the expectations, and at times unavailability of funds.

Cancellation letters are written in a clear and a concise manner. Go straight to the point and suggest actions you expect to be taken. Clearly state what you are canceling and explain you reason for it. Where necessary, include the details of what you are canceling, for example, account details. Mention that you wish to receive confirmation that the cancellation was effected. State clear steps that you would take if cancellation is not put into effect within the specified notice period. End the letter on a positive tone and request the reader to acknowledge receipt. Send the letter well in advance to give enough notice to the reader.

Letters to Banks

Letters to banks are letters sent specifically to the banks by their customers. The letters can be addressed to bank managers or any other relevant bank official, based on the situation at hand. There are various reasons why you may want to write a letter to the bank. The most common ones include to request for a new ATM card, to ask for funds transfer from one account to another, or to open or close an account. You can also write to inform the bank about a phone number or postal address change. In all these situations, letters to the bank must remain formal and professional.

Before writing letters to banks, you need to make sure that you have all the information the bank may need regarding your account. Use the standard business greetings. If you know the recipient's name, write to him/her by name. Mention the purpose of the letter. Provide all the necessary information such as account number, name, postal and email address, contact number, etc. as registered with the bank. Be specific and avoid writing the same thing twice. Keep the letter simple and concise. Wrap the letter up by calling the recipient to appropriate action.